Bank Closures Leave Residents Stranded
Thousands of Australians are facing a financial nightmare as banks close their physical locations, leaving residents without access to cash.
In the town of Kununurra, Western Australia, 4,500 residents are now forced to travel 500 miles to the nearest bank. Commonwealth Bank, NAB, and Westpac have all closed their branches in the town, citing staffing and security concerns.
Supermarket Cash Withdrawals Halted
Residents had been relying on a cash withdrawal option at the local Coles supermarket, but overwhelming demand has forced it to close.
Industry-Wide Trend
The closure of bank branches and ATMs is a growing trend in Australia. According to the Australian Prudential Regulation Authority, 424 bank branches and 718 ATMs were closed between June 2022 and June 2023.
Protests and Concerns
Australians have protested the mass closures, highlighting the difficulties faced by those who rely on cash. However, the nation’s big four banks have stated that they have no plans to fully abandon paper money.
Financial Hardship
The lack of access to cash is causing financial hardship for many residents. They face additional costs for travel and may be unable to access essential services that require cash payment.
Cashless Society Concerns
The shift towards a cashless society raises concerns about financial inclusion and the potential for discrimination against those who do not have access to digital banking.
